From a technical standpoint (rather than a language standpoint) I would suggest taxable income. The word "taxable" is important here, as it is possible to have non-taxable income from your employer (I believe... I'm not an expert on income tax).
– AndyTSep 28 '15 at 12:50

@AndyT e.g. expenses supported by receipts (in most places). An expense allowance is more likely to be taxable.
– Chris HSep 28 '15 at 12:56

@ChrisH - That's what I was thinking of, but then while writing I started worrying that maybe expenses would not be counted as "income" at all but would instead come under some other term.
– AndyTSep 28 '15 at 13:49

A worker is "compensated" for his/her labor, whether by the hour (wages) or by the year (salary).

Sometimes, to make clear that the compensation includes tips, bonuses, stock options, perks, or other money received from an employer (in addition to salary or wages) people use the term:

Total [Annual] Compensation

Note: there is also Workers' Compensation, usually paid by the state, to workers who are unable to work for a period. This is compensation for hours not worked, and is often not considered "income" ** for tax purposes**. The IRS does not consider it part of one's AGI (Adjusted Gross Income), so it is not taxable at the federal level. (It is, in a sense, an insurance payout, as it is funded by premiums in the form of payroll deductions). Various states, however, might treat Workers' "comp" differently with regard to taxation. Unemployment compensation is similarly funded, by unemployment insurance premiums deducted from workers' paychecks, and may be treated similarly for tax purposes.

In my opinion, people prefer "income" to "compensation" as it has another meaning of paying for damages or loss.
– user140086Sep 28 '15 at 11:26

2

@Rathony: True, but "income" is much too broad to answer OP's query, as it encompasses both "active" income (based on labor; i.e, wages, salary, and the other types I enumerated); as well as "passive" income (capital gains, interest, dividends, rents, royalties, etc.)
– Brian HitchcockSep 28 '15 at 11:31

1

I think 'compensation' is a good word; in employment, companies and candidates negotiate a compensation package, which includes salary, bonuses, benefits, etc.
– user1359Sep 28 '15 at 14:20

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I would argue that compensation also includes things like vacation, sick time, medical and dental, employee services, concierge, fridge full of soda, and other things that don't usually go on your taxes.
– corsiKaSep 28 '15 at 18:32

Since the asker's example is of a legal nature regarding income tax, one should expect the answer to match the forms of the taxing body. The IRS of the United States seems to prefer "Compensation", as written on a sample W-2 form, "Wages, tips, and other compensation."
– fredsbendSep 30 '15 at 9:21

If you study "accounting", you would see "earnings" are more widely used to describe profit of a company rather than an individual's income. "Corporate Earnings Season" (0), "Corporate Income Season (X)",
– user140086Sep 28 '15 at 11:03

3

In the US, earnings can refer to the money people earn as well as to corporate profits; we often see the phrase "corporate earnings".
– TRomanoSep 28 '15 at 12:46

2

Since the question refers to Income Tax, 'earning' appears to be the most apt alternative.
– Girish BhatnagarSep 28 '15 at 13:46

3

The US IRS has a specific term for this situation : earned income.
– WhatRoughBeastSep 28 '15 at 15:53

The top tax rate (and thus each tier below it) should be in a sexy tango with the minimum wage: the higher the minimum wage the lower the top tax rate can dip. The top one-percenters would be clamoring for minimum wage increases.
– TRomanoSep 28 '15 at 18:29

Income: a gain or recurrent benefit usually measured in money that derives from capital or labor; also: the amount of such gain received in a period of time

Merriam Webster Dictionary

Anyone with income over a certain amount must pay federal income taxes. Most states also impose an income tax, and in some places there are local income taxes as well. As we discussed in Income Taxes, tax rates vary by the amount of income and whether you're a single filer or married filing jointly.

So, your "overall income" definition includes benefits derived "from capital or labor". But the OP's example, "...overall ________ ) specifically excludes at least one kind of benefit from capital ("gains from invested savings") so it cannot be equivalent to overall "income" as you have defined it.
– Brian HitchcockSep 28 '15 at 11:59

@Brian Hitchcock Most countries never impose an income tax on gains from invested savings as there is "double taxation" argument. It is natural to exclude gains from investment savings for income tax calculation. I don't think compensation also includes gains from invested savings. You don't use "taxable compensation" "non-taxable compensation". You use "taxable income" and "non-taxable income". In this sense, Income has a wider meaning than compensation.
– user140086Sep 28 '15 at 12:04

That's exactly what I was saying. It's broader. As for countries not taxing investment income, it's no wonder so many people want to hide theirs outside of the US. I guess we should have asked the OP upfront whether they wanted an amswer for US or for somewhere else. As you cited Charles Schwab, I thought you were trying to answer in AmE terminology.
– Brian HitchcockSep 28 '15 at 12:14

@BrianHitchcock Good point. The reason it is called "unemployment compensation / Benefit" rather than "unemployment income" is that the purpose of the money paid out by State or Federal Government is to compensate for the loss an individual is suffering because of unemployment. I think Income is better word to put there than compensation. In a sense, compensation has a broader meaning than income as a normal salaryman will not get "Unemployment Compensation" for his income. In terms of calculating tax, I think it is best to use the term "income." whether non-taxbles are excluded or included.
– user140086Sep 28 '15 at 12:25